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Buying a home is a dream in everyone’s life and it is one of the important decision which they take in their life. And buying a home is a long-term investment and people put all their earned money into buying their dream home. When you decide to buy an apartment or a flat in Chennai, you’ve got options like a ready-to-move apartment, under construction apartments and pre-launch apartments. But, only the ready-to-occupy apartments are in demand these days and you will find various benefits and even you can avoid some risks which you find in another type of apartments. Here, let’s discuss a few reasons why there is a demand for ready to occupy apartments and what are the benefits involved in it.

1. Avoid risks

As you know, there are a lot of risks involved in the pre-launch and under-construction apartments, but you can’t find those risks in a ready-to-move apartment and the risk factors are:

Disputes

Delay in Possession

Lack of Amenities

Quality of construction

Change in the plans etc

But, in the case of a ready to occupy apartments, you will not find all these risks and you can just move immediately after the purchase. You can check out our luxury apartment in Chennai, which offers a scenic view of natural surroundings and it offers a high-quality lifestyle with world-class amenities!

2. Just pay for what you get

If you buy a property which is under construction, you will not know that how the project will look once it is done and you will have some assumptions by just considering the sample flat, but you will not find it similar to what you have seen in the sample flat. Even you will find it challenging to visualize the exact one which they deliver. In the case of the ready to occupy apartments, you can just see your actual home and you can experience each part of the home before you buy it and you can check for the amenities and all other things before you decide and book your home and you will not find any surprises when they deliver the home to you!

3. Tax benefits

You need to be very smart in the home purchasing decisions because some tax benefits are involved in it. And if you’re applying for a home loan for a property which is under-construction, then you are not supposed to pay tax on the annual basis. When your home is delivered, that time you can just claim the interest which you paid to the builder (as per the section 24 b, The Income Tax Act, 1961). And you can avoid these type of taxes when you buy a ready to occupy apartments.

4. No need to wait as it is a ready to occupy apartments

If you buy an under-construction property, you may have to sit for years to get your home and it will be mostly delayed due to certain reasons. But, in the case of a ready to occupy apartments, this problem can be avoided. But, after the RERA The Real Estate (Regulation and Development) Act, 2016 the homebuyers feel safe and their properties are delivered on the specific timeframe which they have promised, but still, the ready-to-occupy apartment is the smart choice!

5. No Pre-EMI payments

As you know, you are supposed to pay the Pre-EMI payment, the interest which applies to your home loan even for your property which is under construction. And you will find a lot of pressure in paying Pre-EMI payments and in the ready-to-occupy apartment, you can avoid all these additional payments.

6. Stay away from rental payments

If you are buying an under-construction apartment, you may need to pay pre-EMI charges and the rent of your existing home and you finally end up in financial issues. So, you need to plan accordingly and buy a ready to occupy apartments to avoid this double payment.

So, you are getting ready to buy a ready-to-occupy apartment in Chennai with world-class amenities? And there are many ready-to-moveapartments for sale in Chennaiwhich are getting occupied day by day, Book your dream home today!

Getting good rental apartments in Chennaior any where is not an easy task. And without any experience in it will lead you to make more mistakes. You are not alone everybody tends to leave some of the important things to check out when taking rental apartment. Usually when shifting to a new city, we get no time to check too many criteria and end up with adjusting with the first thing you get. But, here we are sharing some tips which you can check out before confirming any apartment for rent.

1. Ask yourself:

Reason of moving into the house

The amenities which you need the most

Budget you wanna spend

The configuration of the house you need. (1BHK, 2BHK, 3BHK etc)

Time you have to hunt the apartment

2. Ask the Landlord:

If any damage occur then you will pay for the repair

Is there any security deposit money

Is there 24/7 water & electricity supply

Duration of contract (mostly it is 1 year in the apartments in Chennai)

What is the payment method

Who will collect the maintenance charge

Guest Policy

Any restriction on meals

Whether landlords will live in the same apartment.

3. Budget:

You might be very excited and also the urgency may take you to get the flat. But, still have a particular a range of budget to make a boundary of your limits. This will help you to target your house better, with all the limited option you get.

4. Neighbourhood of the rental apartment:

The neighbourhood will help you to have a peaceful accommodation and also to save the money. Just walk around the area and check all the facilities nearby.

Check the easy accessibility of shops, schools, ATM, and what are the fun things you can do? Like nearby Club house, theatre etc., And check whether the location is safe or not?

5. Go for a Visit:

Even if you have heard a lot of flattering about the apartment, still do go & check it. Check out these checklists:

Water Leakage, proper Ventilation in the house, Wall Cracks, Damaged Socket, Pests like cockroaches or rats, Rust on the door’s joints, hanging open Wires, Guttering of moss & moulds on the kitchen or bathroom floors, Water pressure of the taps etc.,

6. Check the network:

There are places you might have seen where your mobile network are very slow. And obviously you do not want your house to be that place. So, do go to the apartment and check in all the rooms whether you are getting a good network or not.

7. Pet:

If you are a pet lover then this criteria is mandatory for you. Nowadays many flats in Chennaiare offering a pet friendly environment but not all of it. So, do check and make your pet also comfortable.

8. Hidden Cost:

Ask about all the hidden charges which they usually do not include when talking about the rent. Like maintenance charge, clubhouse charge, Garage charges, pet fees, insurance, etc.

Remember; do research on the apartment before you finally decided to take it. Hope this list will help to get the best rental apartment for the first time renters.

With the popularity and easy availability of the loan, everybody is bound with that for one thing or the other. The most common loan is a home loan, millennial are just waiting to get a job and the moment they get, they achieve the most longed dream – of getting a luxury villa.

With this excitement, sometimes we forget to look into the details of the things, which can become one of the biggest reasons for loan rejection.I can understand getting a loan is a little confusing with so much of different banks and again hundreds of policy in each bank and then a rejection after that can fuse anybody’s mind.

Hence, here I have listed some of the important things to consider about both banks as well as themselves, when one’s are planning to get a home loan.

>Consider your part:

Taking a home loan is not just a part of the bank, but also you should consider yourself too. Let’s say you research all about the bank to get the loan from but you forgot to keep your eligibility criteria clear, then chances of getting the loan will turn to less.

1. Income:

Banks always prefer a client with a regular income over a self employed man. The reason is the more the stability of income is there, the less risk to the bank regarding returning of money. If you are working in a reputed company then the chances become higher. The bank usually gives loans of 50/60 times of your salary.

2. Down payment:

The bank only gives 80-90% LTV (loan to value ratio) remaining amount you should arrange. So, save the down payment amount before applying for the loan.

3. Existing Loan:

Before giving loan, bank checks all of your expenses. One of it is existing loans. It feels that if you are already paying loans for other things then, you may feel difficult to pay to them.

4. Age:

Banks expect you to have a long tenure to repay the loan, hence your retirement age should not be close. A middle age person is most preferable. As they have a previous job experience, so the job is safe and at the same time they do have a long time to pay the loans.

5. CIBIL Score:

CIBIL, Credit Information Bureau (India) Limited create a report called CIR (Credit Information Report) and based on that they assign score to the people according to their past loan history and credit card repayments. The score is assigned between 300 to 900 and are called the CIBIL Trans Union Score. To get your home loan sanctioned, you need to have around 700 to 750 CIBIL score.

>Check with banks which provide Home Loan:

Now when you are done with the above things, you can shift your concentration to the banks. This is very important that you compare all the banks and policies and read the entire document very carefully before going for any option.

1. Rate of interest:

There are 2 types of Interest Fixed and Floating. Fixed Interest rates will be the same in the entire tenure. But the Floating Interest rates vary with the market rate. So, decide which one you want to go prior to taking any decision.

2. Fees & Charges:

There are many fees and charges involved in home loans, the main are listed below.

Processing fee

The processing fee for a home loan is a one time fee taken by the banks for processing the loan. It differs from bank to bank; so, one should check all the bank’s fees on home loans. Usually the fee varies from 0.5% to 1.00% of the total loan amount.

Annual Fees

Home loan ongoing fees are charged every year for administering your loan, which is called as annual fees. Do check for all the fees related to the loan.

Penal Charges

Penal Charges is the penalty charge which one need to pay if they are failing to pay the EMI on time.

3. Loan Tenure:

The loan tenure is the duration within which one can clear their bank loan debt. The more the tenure time, the more the interest amount one needs to pay. Check how much you can pay in a month and then decide on a most convenient tenure for which you can avail a home loan.

4. Documents required:

There are certain documents which are required by the bank to proceed with the loan. Such documents are KYC documents, income proof, bank statements, etc. One should make every document ready before applying for a housing loan.

5. Your approximate EMIs:

The EMI is the monthly installments, one need to pay to clear the home loan. It is mainly depends on the interest rate, loan amount, tenure duration etc.

6. Easy Foreclosure/prepayment options:

Check what is the procedure and fees involved if you want to clear your debt before the time. The above are the basic things which one should definitely consider, if they are planning to buy Villa or apartments for sale with a loan. So, do go for it with more preparation and 100% assurance for getting the most accurate loan possible.

Affordable housing has become the hot discussion in the Indian real estate. Today, real estate developers all across India are in all-action towards developing affordable homes in almost all the cities. The Pradhan Mantri Awas Yojana (PMAY) scheme acts as an active drive for real estate developers to take this “Housing for All” segment a further momentum.

Most importantly, developers are making sure that these affordable homes are affordable for the Low Income Group (LIG) & Economically Weaker Section (EWS) people. Focusing on these segments makes, these homes affordable for people who never dreamt of owning a home. Similarly, the middle class & upper middle-class people find these homes budget-friendly which aren’t super-expensive. The rapid increase in the affordable housing projects in India is huge because of its exceptionally high demand. That way, this set a beginning for a plethora of affordable properties at an affordable price to come up in the future. Furthermore, cities like Chennai, Hyderabad, Bangalore, Kolkata, Mumbai and Ahmedabad are expected to launch as many affordable homes in the upcoming years in real estate.

Here are some of the top best booming real estate destinations in India

Hyderabad

Hyderabad witnessing so much of betterment in all aspects of real estate market such as the economic and infrastructural growth that increased demand for both residential & commercial property sectors. With a growing workforce and establishments of IT/ITES tech parks around the city gives a thrust for the development of quite a lot of affordable properties in the city. The number of MNC companies constantly rising in this locations building high demand for retail, residential and commercial properties. In addition, several affordable homes in Kompally, Bachupally, Kukatpally, Miyapur, Sianikpuri, and Manikonda have launched in the recent times.

Bangalore

Similar to Hyderabad city, Bangalore is also one of the metro cities in India that is encountered as the emerging hotspot for commercial spaces which is to increase demand for affordable housing spaces as well. In the same way as all popular cities, Bangalore has witnessed so many IT developments in the past decade which are now happening to drive the residential real estate sector at rapid speed, which is unimaginable. Furthermore, locations like Hoskote, Bengur, Kengeri, and Varthur are proof for one of the most coveted hotspots in India for its affordable residential home options.

Chennai

Just like Hyderabad and Bangalore cities, Chennai is also a pulsating location that has been thriving successfully in real estate with more infrastructural developments happened and happening in the popular IT Corridor of Chennai, OMR. Chennai isn’t just about the MNC IT/ITES sector; it is an industrially succeeded city of India where numerous chemical industries have established in Porur. It isn’t uncommon why people fly over from various places to the city for their career growth.

Other than this, Chennai focuses on major healthcare centres having built & brought up in all these years of incredible development that has happened so far. Usually, there is a demand for regular apartments & villas in OMR. In addition, come the affordable homes as well. The fast development of transportation and other infrastructural developments bring demand for affordable housing projects in Kelambakkam, Guduvancheri, Urapakkam, Siruseri and so many other locations in Chennai city. The recent metro train transportation launch has set the expectations high and also the upcoming metro is further enhancing the value of real estate in Chennai. The value every sq ft home buyers buy in this city is expected to value high in the future.

Kolkata

Kolkata is renowned for its high-end residential projects and city is constantly emerging with new advancements in the world of housing. It’s no wonder why it is one of the top affordable hotspots of India. Locations like New Town and Sonarpur are now flooded with more affordable apartments. Sonarpur stands high because of its proximity to the Garia metro line. The price in these two locations is expected to be less compared to other areas in Kolkata.

Navi Mumbai

Navi Mumbai is justifying till this date as a booming real estate hotspot in India as it is driving the industry to unbelievable growth in the future. Since the proposal of International Airport has been a game-changing twist in this region as it will be closest to the new airport in Panvel. Furthermore, the location is expected to at least launch a few thousands of affordable homes in the upcoming years. While it is the new township of the state, it isn’t less in providing the best education in almost all the streams. Having poured its efforts in educations and workforce, Navi Mumbai is never less among the most coveted locations in India when it comes to affordable housing projects.

Ahmedabad

The growth in better connectivity and rapid infrastructural growth in and out the city with abundant job opportunities states a considerable demand in properties in Ahmedabad. Locations like Gota, Vaishno Devi circle, South Bhopal are offering budget-friendly homes for home buyers. Ahmedabad is now expected to provide the lower-end home buyers with a reason to dream of owning a home by developing best affordable homes without shelling out their pocket.